Hello from Wisconsin

[mortgage Consultant]

I see I am the only broker on this forum from Wisconsin, interesting.
Looking at the threads I have learned quite a bit. I especially like going through the marketing ideas.
Reading some of the scenarios, I find myself running online prequals and talking with the AE's and trying to find a program for them.
I started out as a part time loan officer, 6 months later I became a full time loan processor along with still originating part time with the 1st Sherwood Mortgage.
It is true when they say 1 year of processing loans is like 3 years of originating. I always have to keep in mind no matter how much a loan apprears to be like another, there are never 2 exactly alike.
I specialize in chapter 13 buyouts. I like the tough deals.
If you ever do a Chapter 13 buyout, remember to do your home work on the borrowers financial situation and goalo before telling them you are 100% for sure that you can close the loan. They have had emough disappointment already. Be honest with them. NO empty promises.
I am licensed in WI, MN, and IA. If I can be of any assistants to you or your clients, send them my way.

Thank YOU and be successful

Just a few quotes that make ALOT of sense:

**Break-through Thinking:
Want it more than other's think is attainable...and then find a way to get there!

**All the resources we need are in the mind.

**If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude.

[Business_with_Greg]

Welcome to the forum.

One thing that I do that I feel set's me apart from the rest is I study the wholesale lenders guidelines. I try to do the AE's job rather than just listening to them.

You would not beleive how many times they try to act like they have your answer and they miss a couple details that would blow out your deal when you think it is going to close. Then you say " I read the program guidelines and this does not fit and they are like let me see and they say oh yeah that is a problem.....

Yes it is a ton of reading. I cannot memorise it all. But, stay on top of things like this and you will know whether you can bank on the deal or not yourself.

This makes me think of a good poll to post.

Again welcome. Do you do FHA too? That is an awesome 13 bk buy out product!

[mortgage Consultant]

No, we currently do not offer FHA, I will we did.

[Business_with_Greg]

Oh for sure because you would get about 3.5% for a 7.5% fixed!

What kind of programs do you have right now though? What are the qualifications and what type of LTV? Do you do anything for people that are less than 12 months in their repayment?

That is a niche I have not really targeted yet.

[mortgage Consultant]

For Bk 13, they must be 12 months into the filing date.
12 months up t 80 LTV
18 months up to 95% LTV
30Year
Often include other debt in the cosolidation if there bis enough equity.

Mostly ARM (with and Without PPP)

Alot depends of course on the credit mid score and payment history's.
If I can not do a deal, I do not tell them no and forget about them.
I refer them to a credit repair attorney and monitor their credit. At the same time keep in touch through phone or mail giving them encouragement that things are looking better. And when I am able to do the financing, I call and get them signed up.
I find they are very grateful for the help and consistant encouragement.
My clients are not just numbers and a pay check, I look at them as people and friends.

[Lockett The Lender]

Since the sub-prime default level reached a new high in 2006. I think a great deal of these bk 100% financing programs are doomed. I could be wrong and this trend could continue, but I think the fed will be cracking down soon.

[mortgage Consultant]

I have not done any 100% vbk 13 buyouts. Usually the highest LTV is 90% and that is with exceptions.
Yes, they are getting tougher and tougher to do.
But, as long as I can help my clients get out from underneath and make a good commission on them I will continue.
I like the tough loans whether they are a buyout or not.

[Lenderles]

Welcome to the forum.:D

We dont do FHA's Either! I wish we did, Because this is how I got started in the Mtg Business. Now Everyones pushing the MY community mortgage
programs.

Welcome.

[Business_with_Greg]

My Community is another good one though. I have not checked to see how it addresses BK situations. I will. I have a subscription to all regs which is a compliance site I use.

FHA will let you refinance a chapter 13 in repayment with 12 months paid as agreed on the bk and trustee permission up to 85%.

[Lenderles]

I got a refer when I sent a client, du, fannie mae my community. She had a converted chap 13 to a chp 7..The computer took it as if she filed
two bankruptcys. So I know two bankruptcys wont get a fast automated approval. oh yea, And the chp 7 was only 1year old. But on a good note I've seen 560 scores get approved for 100% ltv, fix 30 yr interest rates as
low as 7.375. Its a good program, just like you mentioned you need to read the Regs.:D

[fastfundin]

Welcome to the forum.

[mortgage Consultant]

Scenario

Chapter 13 buyout
File date 5/2005
Need 80/90 or 90/90 (2nd mortgage on title that does not have to be paid as long as borrower owns home)
WI property
555 mid score